Chase Investment Counsel Corp Buys New Position in Atkore Inc. (NYSE:ATKR)

Chase Investment Counsel Corp acquired a new position in shares of Atkore Inc. (NYSE:ATKR - Free Report) in the second quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor acquired 9,400 shares of the company's stock, valued at approximately $1,269,000.

Several other hedge funds also recently made changes to their positions in the company. Boston Partners raised its holdings in Atkore by 12.0% during the first quarter. Boston Partners now owns 1,340,146 shares of the company's stock worth $254,733,000 after purchasing an additional 143,121 shares in the last quarter. Dimensional Fund Advisors LP raised its stake in shares of Atkore by 0.3% during the 4th quarter. Dimensional Fund Advisors LP now owns 1,067,162 shares of the company's stock worth $170,753,000 after buying an additional 3,568 shares in the last quarter. Allspring Global Investments Holdings LLC lifted its holdings in shares of Atkore by 28.7% in the 2nd quarter. Allspring Global Investments Holdings LLC now owns 973,116 shares of the company's stock valued at $131,303,000 after buying an additional 216,997 shares during the period. Charles Schwab Investment Management Inc. boosted its stake in shares of Atkore by 3.1% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 557,985 shares of the company's stock valued at $89,278,000 after buying an additional 17,012 shares in the last quarter. Finally, Clearbridge Investments LLC grew its holdings in Atkore by 48.4% during the first quarter. Clearbridge Investments LLC now owns 514,908 shares of the company's stock worth $98,018,000 after acquiring an additional 168,042 shares during the period.

Insider Activity at Atkore

In related news, insider Mark F. Lamps sold 500 shares of the stock in a transaction on Monday, August 12th. The stock was sold at an average price of $95.47, for a total value of $47,735.00. Following the transaction, the insider now directly owns 28,086 shares of the company's stock, valued at approximately $2,681,370.42. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 2.56% of the stock is owned by insiders.

Analysts Set New Price Targets

A number of brokerages have issued reports on ATKR. KeyCorp dropped their target price on shares of Atkore from $175.00 to $125.00 and set an "overweight" rating for the company in a report on Wednesday, August 7th. Royal Bank of Canada lowered Atkore from an "outperform" rating to a "sector perform" rating and reduced their target price for the company from $175.00 to $100.00 in a research note on Wednesday, August 7th. Citigroup dropped their price target on Atkore from $200.00 to $188.00 and set a "neutral" rating for the company in a research report on Wednesday, May 8th. StockNews.com downgraded Atkore from a "buy" rating to a "hold" rating in a research report on Wednesday, May 8th. Finally, B. Riley dropped their price objective on Atkore from $183.00 to $135.00 and set a "buy" rating for the company in a research report on Wednesday, August 7th. Three research analysts have rated the stock with a hold rating and two have given a buy rating to the stock. According to MarketBeat.com, Atkore has a consensus rating of "Hold" and an average target price of $137.00.

Atkore Trading Down 2.6 %

ATKR traded down $2.23 during trading on Thursday, hitting $84.83. The company's stock had a trading volume of 650,420 shares, compared to its average volume of 621,810. Atkore Inc. has a twelve month low of $84.36 and a twelve month high of $194.98. The stock has a market cap of $3.09 billion, a PE ratio of 5.33 and a beta of 2.15. The firm's 50 day moving average price is $118.17 and its 200-day moving average price is $147.39. The company has a debt-to-equity ratio of 0.49, a current ratio of 3.26 and a quick ratio of 2.03.

Atkore (NYSE:ATKR - Get Free Report) last released its earnings results on Tuesday, August 6th. The company reported $3.80 EPS for the quarter, beating the consensus estimate of $3.52 by $0.28. Atkore had a return on equity of 36.96% and a net margin of 16.47%. The firm had revenue of $822.40 million during the quarter, compared to analyst estimates of $830.16 million. During the same period in the prior year, the firm posted $5.13 earnings per share. The business's quarterly revenue was down 10.5% compared to the same quarter last year. On average, analysts expect that Atkore Inc. will post 12.69 earnings per share for the current year.

Atkore Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, August 30th. Investors of record on Tuesday, August 20th were issued a $0.32 dividend. The ex-dividend date was Tuesday, August 20th. This represents a $1.28 dividend on an annualized basis and a yield of 1.51%. Atkore's payout ratio is 7.98%.

About Atkore

Atkore Inc engages in the manufacture and sale of electrical, mechanical, safety, and infrastructure products and solutions in the United States and internationally. The company offers conduits, cables, and installation accessories. It also designs and manufactures protection and reliability solutions for critical infrastructure, such as metal framing, mechanical pipe, perimeter security, and cable management.